Investor seizes Novo Nordisk board in weight-loss drug battle

STORY: Novo Nordisk’s top shareholder moved to take control of the company’s board Tuesday in an effort to revive sales of its blockbuster weight-loss drug Wegovy in the key U.S. market.It comes as the board chair and six other board members quit.The non-profit Novo Nordisk Foundation, which combines business ownership with philanthropy, said it would propose former CEO Lars Rebien Sorensen as chair to lead the Danish drugmaker's board for the next two or three years.The clash brings fresh upheaval to a company that soared to become Europe's most valuable company last year on the huge success of Wegovy.This year, the stock has plunged more than 40% as rival Eli Lilly grabbed market share.The foundation criticized the outgoing board for being too slow to recognize shifts in the key U.S. market and too cautious on management change.However, the foundation is still backing CEO Mike Doustdar who took over in August and has ushered in widespread job cuts and a drive to refocus the company on its key markets.One portfolio manager told Reuters he did not favor the changes, saying quote, "I don't really get it – why does the old CEO have to be the new Chairman? Don't like it."U.S.-listed shares of Novo Nordisk fell 1.7% Tuesday

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